Kalpesh Kinariwala – Fraud, Embezzlement & Money Laundering (Update 2024)
Kalpesh Kinariwala is the owner of the Pantheon Group. The multimillionaire claims to have made his fortune through iodine dealing and luxury real estate. He says he started with $2,000 and a 100 sq ft office.
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That couldn’t be further from the truth.
The Indian-origin businessman has faced charges of fraud, embezzlement, and money laundering in Dubai as he caused company damages worth over $100 million.
In the following review, you will learn the truth about Kalpesh Kinariwala and how he truly became rich:
Who is Kalpesh Kinariwala? Net Worth, Company, and More:
Kalpesh Kinariwala claims to be an investor and promoter of affordable luxury in the UAE. He even received a Golden Visa in 2018.
Through his firm, Pantheon Group, he claims to have built numerous luxury residences all across the UAE. Kalpesh has promoted himself heavily as an investing expert.
However, he didn’t get rich through legitimate ways. In fact, Kalpesh Kinariwala has a history of fraud which people should know about before trusting the numerous PR articles he pays for.
Apart from luxury real estate, Pantheon Group also has interests in oil & gas and mining. In 2020, the company claimed its annual revenue was more than $325 million.
Kalpesh Kinariwala’s net worth is estimated to be in the millions, considering he is the owner of one of the largest companies in the UAE. However, the reason behind his high net worth is fraud and money laundering.
Money laundering
Money laundering is a complex process that involves concealing the true origin of illegally obtained funds by making them appear as if they were obtained through legal means. This is achieved by engaging in a series of financial transactions that are carefully designed to obfuscate the original source of the money. The ultimate goal of money laundering is to allow criminals to enjoy the proceeds of their illegal activities without arousing suspicion or detection by law enforcement agencies. Money laundering is a serious criminal offense that is often associated with a wide range of illicit activities such as drug trafficking, fraud, corruption, and organized crime.
The next section of this review will shed more light on how Kalpesh grew his fortune:
How Kalpesh Kinariwala Allegedly Embezzled Millions:
Kalpesh Kinariwala was charged in Dubai for forgery and embezzlement when an email was leaked, which shared his plans on how he will steal ‘more’ from a company.
Authorities estimated that Kalpesh had embezzled at least $10.8 million from the Chilean non-metallic mining firm, Cosayach. Cosayach is a part of the Errazuriz group.
Kalpesh Kinariwala was the official distributor of Cosayach from 2006 to 2020. The Dubai courts filed 3 lawsuits against him for fraud and non-payment when Cosayach discovered there were significant price differences between the documents Kalpesh had provided them with and the reality.
The embezzlement had caused the Chilean company damages worth more than $100 million. Kalpesh was distributing iodine from the company through his real estate firm, Pantheon Group.
He was responsible for distributing the company’s iodine throughout the Middle East.
Forensic analysis revealed how Kalpesh ran his devious scheme.
Kalpesh Kinariwala had bribed a Cosayach executive sales manager in Chile who used to help him secure higher volumes than his competitors. The executive also helped the Indian-origin scammer lie about the resale prices he was generating.
Initially, he paid around $412,000 in bribes to the Chilean executive. Later on, he provided him with a cut of the illicit profits which surpassed $2 million.
Kalpesh Kinariwala primarily made his profits through the difference between the prices he was selling the iodine for as his price was significantly higher than the legitimate one.
According to a written affidavit, Kalpesh had told the Chilean executive that he would receive “personal economic compensation” for these favors.
More Details on the Multi-Million Fraud:
Forensic analysis revealed that Kalpesh’ companies were using forged bank letters to deceive Cosayach into accepting below-market invoices for product sales.
For example, in one case, his company underreported the sale price by about 4%, generating around $25,000 for Kalpesh Kinariwala in embezzlement.
Apparently, he used a network of shell companies to hide his illegal activities. He directed some of his business through American Iodine Company, a US firm. When media contacted the company on multiple occasions, no one picked up the phone indicating that it was nothing but a fake enterprise.
Making money through this scheme proved to be very easy for Kalpesh. But everything ends and this nefarious scheme did too…
How An Email Caused Kalpesh Kinariwala To Get Exposed:
Working with the executive helped Kalpesh Kinariwala amass a lot of wealth.
However, the criminal partnership devolved and the sales manager became a whistleblower.
Furthermore, Kalpesh Kinariwala had become extremely infuriated and had told the executive that he hoped they could end these disputes without any ‘bloodshed’.
The Chilean executive didn’t like how Kalpesh talked too bluntly about their illegal business dealings as well.
In the fall of 2011, Kalpesh outlined their arrangement in an email he sent to the executive. This included Pantheon Group’s “commitment to sharing revenue” with him.
Kalpesh wrote “I’m glad we could… spend some quality time to take our relation to the next level”.
Such indiscretion made his partner in crime nervous. He responded by saying that he “sincerely” didn’t like the aggressive document he had sent him. “I am really concerned about it. Please call me to discuss,” wrote the executive.
Nonetheless, they resumed their illegal activities for several more years.
Resentment, Suspicion and Betrayal: How Kalpesh Kinariwala’s Scam Ended
As time went on, the Cosayach executive grew more unhappy with Kalpesh’s way of doing business.
In 2018, Kalpesh complained about shortage in supply and alleged that the executive was selling iodine to other customers in secret.
Then, the executive replied with the subject line “Working in peace and no war,” insisting that he wanted to mend the dispute.
However, this didn’t satisfy Kalpesh. He replied 3 days later demanding that the executive should help him get his dominance back.
Here’s the message he sent:
“It’s only fair that u really balance this shit quickly to keep me motivated to continue this biz.”
These threats didn’t help Kalpesh Kinariwala because instead of helping his get his “dominance” back, the executive blew the whistle on his scheme.
Due to this, Kalpesh started facing multiple lawsuits for fraud, embezzlement and money-laundering.
Conclusion:
The emails and the lawsuits are proof that Kalpesh Kinariwala is not a legitimate businessman. He committed fraud, forgery and embezzlement to rack up millions.
Furthermore, he promotes himself as a rags to riches story but it has become extremely difficult to trust him.
It’s obvious that the success of his Pantheon Group came through illegal activities. Kalpesh Kinariwala is a dangerous criminal and you should avoid dealing with him.
I will never let that person go after making a loss of $10 million and not repaying the damages. This shows the real faces of friendship, Kalpesh was taking the benefits and profits.
The company was making their investors fools and taking their money for the betterment of his firm, which made his partners angry.
The company is touching the skies of success with the help of stolen money.
Make him suffer the result of betrayal.
This cheater, fraudster Kalpesh was blackmailing his partners also, people like Kalpesh shouldn’t be taken into partnership, they are the ones who will take all the profit and then will put you out like s#it and not share the profit.
He was selling the iodine at higher prices than compared to other people due to his betrayal of many of the investors backed by his ventures.
People like Kalpesh make the business field full of misconceptions and lead to unworthy relationship in business deals.
His way of talking isn’t good where he was not able to handle his business deal with the Chilean group, and his executive wasn’t happy with the conversation. This shows the level of experience Kalpesh has in the field, if he isn’t able to converse on some topic how can we trust him with our money?
I don’t know why these criminals want us to trust them and they feel that all their users will not check their past crimes and after knowing the facts they will invest with him. Instead, he had used the stolen money in promoting his company, Pantheon all his attempts to hide his records will go in vain.
This man stole $10 million from the company and no criminal charges against this man he is moving freely without any fear of being arrested and making several people affected.
Shouldn’t this guy be in jail? He stole $100 million from a company!!
Kalpesh Kinariwala sounds like a textbook case of white collar crime. INTERPOL should get involved in this case. Otherwise we would see endless cases of such embezzlement and frauds.
Hilarious ????
Imagine getting exposed because you threatened your crime partner with bloodshed. This is one of the worst ways someone can get caught running a $100 million scam.
Kalpesh Kinariwala must be so embarassed when he was charged ????